IFRS 15 Property development obligations – IFRS 15 Revenue from Contracts with Customers (contents page is here) introduced a single and comprehensive framework which sets out how much revenue is to be recognised, and when. The core principle is that a vendor should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the vendor expects to be entitled in exchange for those goods or services. See a summary of IFRS 15 here.
This is an example for illustrating the concepts in ‘What is a good or service that is distinct?’
The scenarios in the following example demonstrates how two transactions which … Read more